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If you include advertising and marketing in media, then yes. We're a nation of insecure, immature kids who equate material goods with success, and our entire economy is based on the idea that you're somehow a loser if you don't have a $40,000 car and the latest gizmos and gadgets.
The media didn't "create" the recession, but they sure ushered it along with great speed. In their attempt to raise their ratings, the media has become wholly (and holy) irresponsible and sensationalistic. They truly need to be ashamed of themselves for all of the unnecessary problems they've contributed to with their scare-tactics and shock factors.
I think that the media plays a role in prolonging the doom and gloom. I think that if they made a more conscious effort on positive reporting, the public would soon be thinking positive. Another thing to remember is that the economic situation is not the same nation-wide. nor is the doom and gloom of the housing market. the issue about americans not saving as much comes from the fact that there is little incentive in saving. interest rates for savings in negligible and not everyone has 5 or 10 thousand to put into money markets or even cd's to get a percentage or two more. Just trying to stress to my kids the importance of savings is difficult when their savings accounts don't even earn 1% I am wondering right now, what type of money the average person has in a readily-accessible savings account?
A primary reason for this recession (and soon to be depression) is the financialization of the economy that replaced manufacturing and savings with consumption and credit cards. Just add the upper bracket tax cuts (why should they pay taxes when they could lend the money?) and wartime government borrowing and the conversion of a stable housing market to a speculative nightmare and the collapse is guaranteed.
This is an economy of the speculators, by eh speculators and for the speculators. Now the investors lured in by dreams of unbelievable profits are truing to get the government, already overextended by war profiteering, to bail them out and transfer the costs to the lower and middle class taxpayers.
I think the house of cards should be allowed to collapse as soon as possible to minimize overall losses and the government stop wasteful spending on foreign wars and profiteering and reestablish a truly progressive income tax system that effectively eliminates taxation on wage earning citizens receiving less than 150K per year.
Does anybody else think the media created this recession but continually reporting nothing but doom and gloom and convincing the consumer to not spend? Few people realize this but during the last recession the economy actually started shrinking in July 2000. You never would have known we were in a recession. Why? A Democrat was is office. The media was talking recession last year when GDP was growing a 4+% I am no fan of Bush, but the media wants to further damage his legacy at all costs and what better way to do that than topping off a failed foreign policy with the worst recession since the Great Depression.
Dude, you can not be serious?
1. The recession back then started in 2001, not 2000:
So that is problem one, lets get our facts straight. Secondly the affects of the 2001 recession were pretty profound. Two entire sectors took major hits (telecom and technology). During that time period many jobs were off shored and pays decreased.
Second, the current recession was caused by the inflation of house prices and lax monetary policies, which lead to easy credit.
So lets pull these two pieces of the puzzle together (actually three pieces).
there was a bubble that formed in the financial markets in the 1990s. To supplement the loss of a ton of money, the govt eased regulations and financing to make way for the new bubble (technology and telecom). These two took off and then crashed in 2001 (started to slow down in the end of 2000). The affects of which were pretty major (If anyone asks I will provide some links on this one).
To supplement the lose of money in the financial markets from telecom and tech companies not delivering to stock holders they created another bubble. this time real estate. What they did is, first they cut back on regulations so these markets can do pretty much whatever they want. Next they easy borrowing of money. Next they came up with these ridiculous exotic loans which were generally used in commercial markets. They introduced those to the mass public which then created faux wealth. What this means is, people had the ability to purchase things that were out of their reach. This then drove up prices as greedy home owners sought to make more and more money on homes that weren't worth as much as they were trying to sell them for. We also have to take into account credit cards and equity loans which also helped to spur ridiculous and unsustainable amounts of spending. Well, with the exotic loans came higher resets (interest rates), people started losing homes, wallstreet started to go into convulsions etc. It was a BAD situation. Then came the inflation which we are in now, which also restricted peoples ability to spend. You also have to take into account annual incomes are down given inflation over the last decade. Add it all up and you get a recipe for disaster. Had NOTHING to do with the media and any other such absurd conspiracy theories. It was bad economics all around, period.
No, the media did not create it. Recessions are inevitable.
They have hyped it a bit too much- we are not technically in one yet, although we may well be. But that is the nature of the 24 hour slamathon that is the media.
I agree with you. My view of the media is they neither create booms, bubbles nor recessions, but they do add to the existing momentum with their stories.
Damage his legacy? GWB is an idiot. Rising food costs, rising energy costs, war in 2 countries and the WORLD, giving millions of dollars to foreign countries and just recently 200 MILLION dollars to a 500 M global fund for food, falling stock prices, plummeting dollar, creating new departments, over 9 trillion in debt, social security and medicare problems, etc. etc. The media doesn't tell Bush what to do, they point out his mistakes. I don't blame Bush, he was an idiot before office and showed it when he was in office. I blame the Americans who voted him into office, apparently they wanted an idiot in office and they should pay the price... and the price IS decreased standards of living... I wish they stop moaning and griping about the economy that THEY caused... you put an idiot as a leader, what did you think was going to happen?
Rising food costs were caused by a combination of increasing demand in the developing world and the ethanol bandwagon.
War in two countries and the world? What in the hell does that mean? Should we not have gone into Afghanistan? Should we not be going after terrorists in Somalia, Pakistan, Libya, Lebanon? I'll give you Iraq - begrudgingly.
We've always given billions of dollars to foreign countries - this is nothing new under Bush.
Falling stock prices? The recent correction was necessary - would love to know how that one is Bush's fault.
The plummeting dollar can be laid at the feet of Greenspan and a new global economy - other than decreasing the national debt, there isn't much that the President can do about that - and there is only so much that the President can do about the debt.
Social Security and Medicare are problems that should have been fixed a long time ago. At least Bush made an effort to deal with Social Security.
I'm not saying that Bush isn't an idiot - but you really want to blame him for all of these issues?
Location: Georgia, on the Florida line, right above Tallahassee
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Quote:
Originally Posted by bchris02
Does anybody else think the media created this recession but continually reporting nothing but doom and gloom and convincing the consumer to not spend? Few people realize this but during the last recession the economy actually started shrinking in July 2000. You never would have known we were in a recession. Why? A Democrat was is office. The media was talking recession last year when GDP was growing a 4+% I am no fan of Bush, but the media wants to further damage his legacy at all costs and what better way to do that than topping off a failed foreign policy with the worst recession since the Great Depression.
I'm sure someone else thinks it.
When was the last time you read the words "doom and gloom?" I bet it was recently that you read that. Then you wrote it down. See? It affected you so much you had to say it....again. You're perpetuating the cycle! Stop saying "DOOM AND GLOOM!" Say "Roses and Rainbows!" ....then there will never be an economic downturn.
Anyone that uses the term "media" with an adjective or noun determiner is suspect, in my opinion. "Mass media" "The media" "Liberal media". Every time it's to down people. Isn't that hilarious?
George Bush is an idiot. I still needed media to determine that he was was an idiot. Othewise, you or I wouldn't have a clue. If no one reported on the idiocy, no one would ever know....until your son or daughter failed to come back. It would all be "hearsay" until it directly affected YOU. By then, it would be too late to do anything about it. It's too late to do anything about it now.
Do you think you or I have the power to stop the war in Iraq..right now...today....or tomorrow? Nope.
This isn't the "worst recession since the Great Depression". At least it isn't, yet. I bet you got that from the same media that you seem to despise. That's hilarious.
I don't think they media created it - I think they help push the subprime (personally I'm starting to think of it as subcrime) crisis or mortgage meltdown.
This is just my personal opinion, Here's what I mean.
Not every loan that is going into foreclosure is a subprime loan, not every interest only loan, arm loan or Pay option arm loan is a subprime loan.
With the media blaming the banks and not saying anything about owners, taking ownership for there behavior. I think it's helping give people an excuse to walk away.
As in, It's not my fault it's the banks, it's been all over the news.
Back in the day people would always find away to pay there mortgage, now since the media is putting the blame on the banks I don't think people feel as responsible.
I could go on but I'm not sure how to get it all written down.
Does anybody else think the media created this recession but continually reporting nothing but doom and gloom and convincing the consumer to not spend?
Nonsense. People who participate in the economy (by earning and spending) are more than three years old, and make their own spending and saving decisions with their own minds. They choose their own spending and saving patterns based, usually entirely, on the details of their own lives.
"The media" are only non-tangible voices in the background, not substantive entities holding guns to people's heads.
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